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Shreeji Translogistics Ltd.

BSE: 540738 Sector: Others
NSE: N.A. ISIN Code: INE402Y01010
BSE 00:00 | 28 Sep 302.85 0.15
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NSE 05:30 | 01 Jan Shreeji Translogistics Ltd
OPEN 306.00
PREVIOUS CLOSE 302.70
VOLUME 11660
52-Week high 351.95
52-Week low 43.50
P/E 33.54
Mkt Cap.(Rs cr) 317
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 306.00
CLOSE 302.70
VOLUME 11660
52-Week high 351.95
52-Week low 43.50
P/E 33.54
Mkt Cap.(Rs cr) 317
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Shreeji Translogistics Ltd. (SHREEJITRANSLOG) - Director Report

Company director report

To

The Members

Shreeji Translogistics Limited

Your Directors are pleased to present the 27th Annual Report and AuditedFinancial Statements of the Company for the year ended 31st March 2021.

FINANCIAL RESULTS

Standalone

Consolidated

Particulars Current Year ended 31.03.2021 Previous Year ended 31.03.2020 Current Year ended 31.03.2021 Previous Year ended 31.03.2020

(Rs. in Lac)

(Rs. in Lac)

Revenue from Operations & other Income 10888.76 11087.23 11013.87 11153.70
Profit/ (Loss) before Depreciation Finance Cost and Taxation 756.47 989.90 765.18 997.46
Less: Finance Cost 421.46 353.13 421.46 353.20
Less: Depreciation & Amortisation 430.92 416.73 430.92 416.73
Profit/ (Loss) before Taxation (95.91) 220.04 (87.20) 227.53
Less: Prov. for Taxation
- Current - 30.86 2.19 32.81
- Deferred 12.14 39.01 12.08 39.01
- Short/(Excess) Provision of earlier years 1.19 2.88 1.19 2.88
Profit/ (Loss) after Taxation (109.24) 147.29 (102.66) 152.83
Add: Balance as per Balance Sheet b/f 1477.13 1827.95 1481.96 1827.24
Less: Appropriations
- Interim Dividend - 17.47 - 17.47
- Dividend Distribution Tax - 3.59 - 3.59
- Utilised for Issue of Bonus Shares - 477.05 - 477.05
Balance c/fd to the Balance Sheet 1367.89 1477.13 1379.30 1481.96

There is no change in the nature of business of the Company.

DIVIDEND

Your directors have not recommended any dividend for the year under review.

Further an Interim Dividend for the year 2021-22 of Re. 1/- per equity share of facevalue Rs. 10/- each (i.e. @ 10%) and aggregating to Rs. 104.83 Lac was approved by yourDirectors in June 2021 and the same was paid in July 2021.

TRANSFER TO RESERVES

The closing balance of the retained earnings of the Company for the year underconsideration after all appropriation and adjustments is Rs. 1367.89 Lac. The Board hasnot proposed to transfer any amount to reserves.

OPERATIONS

Standalone

The Company achieved Service Turnover of Rs. 10672.75 Lac during the year underconsideration as compared to Service Turnover of Rs. 10879.64 Lac achieved during theprevious year. Reduction in Service Turnover is mainly due to slowdown in the economybecause of COVID-19 pandemic. Net Loss after tax during the year under consideration isRs. 109.24 Lac as against Net Profit after tax of Rs.147.29 Lac during the previous year.Your Directors are making constant endeavor to explore new areas to achieve higherturnover and profitability.

Consolidated

The Group achieved Service Turnover of Rs. 10797.87 Lac during the year underconsideration as compared to Service Turnover of Rs. 10946.11 Lac achieved during theprevious year. The consolidated net loss after tax during the year under consideration isRs. 102.66 Lac as against consolidated net profit after tax of Rs. 152.83 Lac during theprevious year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report on the business outlook and performancereview for the year ended 31st March 2021 as stipulated in Regulation 34 readwith Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 is available as a separate section which forms part of the Annual Report.

ISSUE OF EQUITY SHARES WITH DIFFERENTIAL VOTING RIGHTS OR SWEAT EQUITY SHARES OFFERINGOF ESOP AND BUY BACK OF SECURITIES

The Company has not issued equity shares with differential voting rights or sweatequity shares. The Company has not offered any shares under Employee Stock Option Scheme.The Company has not bought back any of its securities during the year under review.

MEETINGS OF THE BOARD OF DIRECTORS & COMMITTEES OF THE BOARD

Board Meetings

Nine Meetings of the Board of Directors of the Company were held during the year underconsideration. The dates of the said Meetings are 26/06/2020 31/07/2020 26/08/202016/09/2020 15/10/2020 28/11/2020 20/01/2021 10/02/2021 and 03/03/2021. The details ofcomposition of the Board and attendance of Directors at the Board Meetings are givenbelow:

Name of the Directors Category Number of meetings attended/ Number of meetings held during the tenure of 2020-21
Mr. Narendra C. Shah Wholetime Director 7/9
Mr. Mahendra C. Shah Wholetime Director 7/9
Mr. Rajnikant C. Shah Wholetime Director 7/9
Mr. Bipin C. Shah Wholetime Director 5/9
Mr. Mukesh M. Shah Wholetime Director 5/9
Mr. Rupesh M. Shah Wholetime Director 6/9
Mr. Paresh H. Ashra Independent Director 7/9
Mr. Utpal R. Desai Independent Director# 3/6
Mrs. Drishti H. Parekh Independent Director 4/9
Mr. Shailesh S. Kamdar Independent Director* 2/3
Mr. Dharmendra D. Vora Independent Director* 2/3
Mr. Satish R. Shah Independent Director* 2/3
Mr. Vivek U. Shah Independent Director* 2/3

# Mr. Utpal R. Desai resigned as Independent Director w.e.f. 28th November2020.

*Mr. Shailesh S. Kamdar Mr. Dharmendra D. Vora Mr. Satish R. Shah and Mr. Vivek U.Shah were appointed as Independent Directors w.e.f. 28th November 2020.

Audit Committee Meetings & Recommendation of Audit Committee

Four Meetings of Audit Committee were held during the year under consideration. Thedates of the said Meetings are 31/07/2020 16/09/2020 28/11/2020 and 03/03/2021. Thedetails of composition of the Audit Committee and attendance of the Members at the AuditCommittee Meetings are given below:

Name of the Committee Members & Category Number of meetings attended/ Number of meetings held during the tenure of 2020-21
Mr. Paresh H. Ashra (Independent Director) 4/4
Mr. Utpal R. Desai (Independent Director) # 3/3
Mr. Shailesh S. Kamdar (Independent Director) * 1/1
Mr. Rajnikant C. Shah (Wholetime Director) 4/4

# Mr. Utpal R. Desai ceased to be a member of the Committee due to resignation w.e.f.28th November 2020.

* Mr. Shailesh S. Kamdar was appointed as a member of the Committee w.e.f. 20thJanuary 2021.

The recommendations of the Audit Committee as and when made to the Board have beenaccepted by it.

Nomination & Remuneration Committee Meetings

Three Meetings of Nomination & Remuneration Committee were held during the yearunder consideration on 31/07/2020 28/11/2020 and 03/03/2021. The details of compositionof the Nomination & Remuneration Committee and attendance of the Members at theNomination & Remuneration Committee Meetings are given below:

Name of the Committee Members & Category Number of meetings attended/number of meetings held during the tenure of 2020-21
Mr. Utpal R. Desai (Independent Director)# 2/2
Mr. Shailesh S. Kamdar (Independent Director)* 1/1
Mr. Paresh H. Ashra (Independent Director) 3/3
Mrs. Drishti H. Parekh (Independent Director) 3/3

# Mr. Utpal R. Desai ceased to be a member of the Committee due to resignation w.e.f.28th November 2020.

* Mr. Shailesh S. Kamdar was appointed as a member of the Committee w.e.f. 20thJanuary 2021.

Stakeholders' Relationship Committee Meetings

One Meeting of Stakeholders' Relationship Committee was held during the year underconsideration on 03/03/2021. The details of composition of the Stakeholders' RelationshipCommittee and attendance of the Members at the Stakeholders' Relationship CommitteeMeetings are given below:

Name of the Committee Members & Category Number of meetings attended/number of meetings held during the tenure of 2020-21
Mr. Utpal R. Desai (Independent Director)# 0/0
Mr. Satish R. Shah (Independent Director)* 1/1
Mr. Paresh H. Ashra (Independent Director) 1/1
Mr. Rupesh M. Shah (Wholetime Director) 1/1

#Mr. Utpal R. Desai ceased to be a member of the Committee due to resignation w.e.f. 28thNovember 2020.

* Mr. Satish R. Shah was appointed as a member of the Committee w.e.f. 20thJanuary 2021.

Meeting of Independent Directors

One Meeting of Independent Directors was held during the year under consideration on03/03/2021 which was attended by all 6 Independent Directors - Mr. Paresh H. Ashra Mr.Shailesh S. Kamdar Mr. Dharmendra D. Vora Mr. Vivek U. Shah Mr. Satish R. Shah and Mrs.Drishti H. Parekh.

DIRECTORS AND KEY MANAGEMENT PERSONNEL - APPOINTMENT & RESIGNATION

Mr. Bipin C. Shah and Mr. Rupesh M. Shah Directors of the Company who retired byrotation were re-appointed at the Annual General Meeting held on 29thSeptember 2020.

Mr. Narendra C. Shah and Mr. Mahendra C. Shah Directors of the Company retire byrotation and being eligible offer themselves for re-appointment at the ensuing AnnualGeneral Meeting.

During the year under review Ms. Tanvi M. Shah resigned as Company Secretary &Compliance Officer of the Company w.e.f. 1st May 2020. Ms. Chanda Kanojiya hasbeen appointed as Company Secretary & Compliance Officer of the Company w.e.f. 1stAugust 2020.

Mr. Utpal Desai resigned as a Director of the Company w.e.f. 28th November2020 due to personal and health reasons. The Board placed on record its appreciation forcontributions made by him during his tenure as a Director the Company.

Mr. Shailesh S. Kamdar Mr. Dharmendra D. Vora Mr. Satish R. Shah Mr. Vivek U. Shahon the recommendation of the Nomination and Remuneration Committee have been appointed asAdditional Independent Directors of the Company w.e.f 28th November 2020subject to the approval of Shareholders at the ensuing Annual General Meeting of theCompany. They meet the criteria of independence as laid down under Section 149(6) of theCompanies Act 2013 and have given their consent to act as an Independent Directors of theCompany. The Company's Board is of the opinion that the Independent Directors possessrequisite qualifications experience and expertise of the industry and they hold higheststandards of integrity. Considering their vast experience expertise and skills it isproposed to appoint them as Independent Directors of the Company at the ensuing AnnualGeneral Meeting.

DECLARATION OF INDEPENDENCE BY THE INDEPENDENT DIRECTORS

Pursuant to Section 149(7) of the Companies Act 2013 independent directors of theCompany have made a declaration confirming the compliance of the conditions of theindependence stipulated in Section 149(6) of the Act. All Independent Directors of theCompany have registered themselves with the Indian Institute of Corporate Affairs.

ANNUAL EVALUATION BY THE BOARD OF ITS OWN PERFORMANCE ITS COMMITTEES AND INDIVIDUALDIRECTORS

The Board of Directors has carried out an annual evaluation of its own performance itscommittees and individual directors pursuant to the provisions of the Companies Act 2013and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

The performance of non-independent directors the Board as a whole was evaluated in aseparate meeting of independent directors taking into account the views of executivedirectors and non-executive directors.

Performance evaluation of independent directors was done by the entire Board excludingthe independent director being evaluated.

Internal Structured Questionnaire was prepared in accordance with the Guidance Note onBoard Evaluation issued by the Securities and Exchange Board of India on 5th January2017 which were circulated to the Directors and/ or Committee Members for their feedback/comments. The Confidential Questionnaire was responded to by the Directors and theirfeedback/ comments were received on how the Board currently operates and how it canenhance its effectiveness.

The Board of Directors has expressed its satisfaction with the evaluation process.

DIRECTORS' RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information andexplanations obtained by them your Directors confirm the following statements in terms ofSection 134(3)(c) of the Companies Act 2013:

(a) that in the preparation of the annual accounts the applicable accounting standardshave been followed along with proper explanation relating to material departures if any;

(b) that the Directors have selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year and of the profit/ loss of the Company for that period;

(c) that the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;

(d) that the Directors have prepared the annual accounts on a going concern basis;

(e) the directors had laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively;

(f) that the Directors had devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.

STATUTORY AUDITORS

The members of the Company at the Annual General Meeting held on 28thSeptember 2019 approved the appointment of M/s. Dhiraj H. Mehta & Co. CharteredAccountants (Firm Registration No. 145318W) as the Statutory Auditors of the

Company to hold the office from the conclusion of the Annual General Meeting (AGM) heldon 28th September 2019 until the conclusion of AGM of the Company to be heldin the year 2024.

AUDIT REPORT

The Auditor's Report on the Standalone and Consolidated Financial Statements for thefinancial year 2020-21 forms part of this Annual Report and does not contain anyqualifications reservations or adverse remarks or disclaimer.

REPORTING OF FRAUDS

During the year under review the Statutory Auditors and the Secretarial Auditors havenot reported to the Audit Committee pursuant to Section 143 (12) of the Companies Act2013 any instances of frauds committed in the Company by its officers or employees thedetails of which needs to be mentioned in this Report.

COST RECORDS

The Central Government has not prescribed maintenance of cost records for the Companyunder Section 148 (1) of the Companies Act 2013.

INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS AND THEIRADEQUACY

Your Company has in place adequate internal financial controls with reference tofinancial statements commensurate with the size scale and complexity of its operationswhich also ensures that all assets are safeguarded and transactions are authorizedrecorded and reported correctly. During the year such controls were tested and noreportable material weaknesses in the design or operation were observed.

RISK MANAGEMENT POLICY

The Company has in place a mechanism to identify assess monitor and mitigate variousrisks to key business objectives. Major risks identified by the businesses and functionsare systematically addressed through mitigating actions on a continuing basis. In theBoard's view there are no material risks which may threaten the existence of theCompany.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICHHAVE OCCURRED BETWEEN END OF FINANCIAL YEAR AND DATE OF THIS REPORT

The outbreak of Coronavirus (COVID-19) pandemic globally and in India is causingsignificant disturbance and slowdown of economic activity. In many countries businessesare being forced to cease or limit their operations for long or indefinite periods oftime. Measures taken to contain the spread of the virus including travel bansquarantines social distancing and closures of non-essential services have triggeredsignificant disruptions to businesses worldwide resulting in an economic slowdown.COVID-19 is significantly impacting business operations of the companies by way ofinterruption in production supply chain disruption unavailability of personnelclosure/lockdown of production facilities etc.

The State Governments of various States had imposed stringent statewide lockdowns inphases which severely impacted manufacturing activities. Though transportation sectorswere allowed to operate under the Essential Services they were subject to certainguidelines. The impact assessment of COVID-19 is a continuing process given theuncertainties associated with its nature and duration. The Company will continue tomonitor any material changes to financial and operational performance of the Company.

MIGRATION APPLICATION

The Company had passed a Special Resolution in respect of Migration from SME Platformof BSE Limited to Main Board of BSE Limited through Postal Ballot on 4th April 2020. Asmore than one year has elapsed since passing of the resolution and the Company alsodesires to migrate to the Main Board of National Stock Exchange of India Limited inaddition to the Main Board of BSE Limited the Company has passed Special Resolutions byway of Postal Ballot in respect of the same on Thursday 1st July 2021.

ANNUAL RETURN

Pursuant to Section 92(3) and Section 134(3)(a) of the Companies Act 2013 the AnnualReturn is placed on the Company's website at http://www.shreeiitranslogistics.com underthe "Investors" Tab.

By virtue of amendment to Section 92(3) of the Companies Act 2013 and Rule 12(1) ofthe Companies (Management and Administration) Rules 2014 the Company is not required toprovide extract of Annual Return (in Form MGT-9) as part of the Directors Report.

DETAILS OF SUBSIDIARY JOINT VENTURE OR ASSOCIATE COMPANIES

The Company has one wholly owned subsidiary company- STL Transworld Private Limitedwhich is not a material subsidiary company. The consolidated financial results reflect theoperations of STL Transworld Private Ltd. (subsidiary) and TKD Communication LLP which isnot an associate company within the meaning of the Companies Act 2013 but it is anAssociate as per the Accounting Standard 21. The Company does not have any joint venturecompany. Pursuant to Section 129 of the Companies Act 2013 read with Rule 5 of theCompanies (Accounts) Rules 2014 the report on the performance and financial position ofthe Subsidiary Company in Form AOC-1 is attached herewith as Annexure I and forms part ofthis Report.

The Audited Financial Statements of the said subsidiary company are available on thewebsite of the Company under "Investors" tab and shall also be available forinspection by any member at the Registered Office of the Company during business hours onworking days up to the date of the ensuing AGM. Any member who is interested in obtaininga copy of the Audited Financial Statements of the subsidiary company may write to theCompany Secretary at the Registered Office of your Company.

Pursuant to the provisions of Section 136 of the Companies Act 2013 the auditedstandalone and consolidated financial statements of the Company along with relevantdocuments are available on the website of the Company.

LOANS INVESTMENTS AND GUARANTEES BY THE COMPANY

During the year there is no investment made guarantee given or security provided bythe Company covered under Section 186 of the Companies Act 2013. The Company has givenfollowing loans and made following investments during the year pursuant to Section 186 ofthe Companies Act 2013:

Name of the Entity Relation Amount (Rs.) Particulars of loans guarantees investments Purpose for which loans guarantees investments are proposed to be utilised
Amrit Polychem Pvt Ltd -- 5000000/- Inter Corporate Loan Given Business Purpose

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS COURTS AND TRIBUNALSSTATUTORY AND QUASI-JUDICIAL BODY

No significant and material order has been passed by the regulators courts andtribunals statutory and quasi-judicial body impacting the going concern status and theCompany's operations in future.

DEPOSITS

During the year under review the Company has not accepted any deposit covered underChapter V of the Companies Act 2013 (i.e. Acceptance of Deposits by Companies) read withthe Companies (Acceptance of Deposits) Rules 2014.

CONTRACT OR ARRANGEMENT WITH RELATED PARTIES

There is no contract or arrangement made during the year with related parties whichrequires disclosure under Section 134(3)(h) of the Companies Act 2013 read with Rule 8(2)of the Companies (Accounts) Rules 2014. Your Directors draw attention to Note No. 30 ofthe financial statements which sets out related party disclosures.

ENERGY CONSERVATION TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The Company's operations involve low energy consumption. However constant endeavoursare made to check power consumption and to optimise the use of energy by usingenergy-efficient computers and other equipments. The Company uses CFL/LED fixtures toreduce the power consumption.

Foreign Exchange Earnings - Rs. 28.31 Lac (Previous Year - Rs. 4.36 Lac)

Foreign Exchange Outgo - Nil (Previous Year - Nil)

Considering the nature of the activities carried out by the Company the otherparticulars specified in Section 134(3) (m) of the Companies Act 2013 read with Rule 8(3)of the Companies (Accounts) Rules 2014 are not applicable.

STATEMENT OF DEVIATION OR VARIATION

During the financial year ended 31st March 2021 there is no deviation orvariation in utilization of proceeds raised by the Company through Initial Public Offerfrom the objects stated in the prospectus dated 21st September 2017. Furtherthe said funds have been fully utilized during the year 2017-18.

SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Companies Act 2013 read with Rule 9of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 theBoard of Directors appointed M/s. Sanjay Sangani & Co. Company Secretaries asSecretarial Auditors to conduct Secretarial Audit of the Company. The Secretarial AuditReport (in Form MR-3) for the year ended 31st March 2021 is attached herewithas Annexure II and forms part of this Report.

In respect of remark in the Secretarial Audit Report we have to state that the Companyis in the process of obtaining registrations under Carriage by Road Act 2007 and MotorTransport Workers Act 1961. There was a delay in submission of Financial Results for thehalf year ended 30th September 2020 to BSE Limited by 14 days due to unavoidablecircumstances because of COVID-19 Pandemic and the demise of the Auditor's father and theCompany has paid the fine to BSE Limited in respect of the same.

COMPLIANCE WITH SECRETARIAL STANDARDS

Your Company has complied with the applicable Secretarial Standards.

CORPORATE SOCIAL RESPONSIBILITY

The provisions of Section 135 regarding Corporate Social Responsibility are notapplicable to the Company during the year under consideration.

VIGIL MECHANISM/ WHISTLE BLOWER MECHANISM

The Company has put in place a Whistle Blower Policy to provide an open and transparentworking environment and to promote responsible and secure whistle blowing system fordirectors and employees of the Company to raise concern. The Policy broadly coverinstances of fraudulent financial reporting financial irregularities misappropriation/misuse of the company resources manipulation of company data/ records breach ofcontract etc. The Policy provides adequate safeguard against victimisation ofemployee(s)/director(s) who raise the concern and have access to Whole-time Director/Chairman of Audit Committee who are entrusted to oversee the whistle blower mechanism. ThePolicy is available on the website of the Company https://www.shreeiitranslogistics.com/uploads/whistle-blower.pdf.

PARTICULARS OF EMPLOYEES

In terms of the requirements of Section 197(12) of the Companies Act 2013 read withRule 5(1) of Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014as amended from time to time the disclosures pertaining to the remuneration and otherdetails are given in Annexure III of this Report.

The statement containing particulars of employees as required under Rule 5(2) and (3)of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 formspart of this Report. Further in terms of Section 136 of the Act the Annual Reports arebeing sent to the Members and others entitled thereto excluding the aforesaid statement.The said statement is available for inspection by the Members at the Registered Office ofthe Company during business hours on working days up to the date of the ensuing AGM. Ifany Member is interested in obtaining a copy thereof such Member may write to the CompanySecretary in this regard.

POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS KEY MANAGERIAL PERSONNEL ANDSENIOR MANAGEMENT PERSONNEL

The Nomination & Remuneration Committee has framed a Policy in terms of theprovisions of Section 178 (3) of the Companies Act 2013 dealing with appointment andremuneration of Directors Key Managerial Personnel and Senior Management Personnel. Thepolicy covers criteria for determining qualifications positive attributes independenceand remuneration of its Directors Key Managerial Personnel (KMP) and Senior ManagementPersonnel (SMP).

The salient features of the said Policy are -

• It lays down the parameters for appointment of Executive and Non-ExecutiveDirectors KMP and SMP.

• It lays down the parameters for term/tenure of Managing Directors WholetimeDirectors and Independent Directors.

• It lays down the parameters for remuneration to Executive DirectorsNon-Executive Directors KMP SMP and other employees.

During the year under review there has been no change to the Policy. The Policy isavailable on

the website of the Company https://www.shreejitranslogistics. com/uploads/Nominationand Remuneration Policy- Shreeji Translogistics.pdf.

DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION& REDRESSAL) ACT 2013

The Company has in place an Anti-Sexual Harassment Policy in line with the requirementsof The Sexual Harassment of Women at Workplace (Prevention Prohibition & Redressal)Act 2013. The Company is committed to provide a work environment which is free fromdiscrimination and unlawful harassment at workplace. An appropriate complaint mechanism inthe form of 'Internal Complaints Committee' has been created in the Company for time-boundredressal of the complaint made by the victim.

The members of the Committee provide for the following measures for safety of the womenemployees at workplace:

a. To formulate the Anti Sexual Harassment Policy in order to ensure the prevention ofsexual harassment and safety of women employees at work place;

b. To conduct the meeting in case of any complaint received in writing from any womenemployees to settle the grievances and to ensure the proper compensation in case of anymisconduct harassment with the women employees;

c. Provide a safe working environment at the workplace;

d. Organize workshops and awareness programmes at regular intervals.

There was no compliant received by the Company during the year under the aforesaid Act.

ACKNOWLEDGMENT

Your Directors would like to place on record their deep sense of gratitude to BankersGovernment Authorities and Shareholders. The Directors place on record their sincereappreciation to all employees of the Company for their unstinted commitment and continuedcontribution to the Company.

For and on behalf of the Board

Rajnikant C. Shah Narendra C. Shah
Wholetime Director Wholetime Director
DIN: 00269109 DIN:00268812
Place: Navi Mumbai Date: 27th August 2021

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